or as Gatorbait asked
does MERS stand for Mozillos Economic Recovery Scandal?

You keep falling back on the tired old excuse of “the paperwork was overwhelming”, “they pushed me to sign it”, “if I had a 2nd or 3rd opinion, they would be corrupt”…..give me a break. You made a poor business decision and bought over your head. It is really that simple, and the sooner you take personal responsibility for your decision making, the better off you will be. In your case, it sounds like you should have consulted at least 3 trusted friends/associates before you made this decision. I hope you have learned a valuable lesson, and won’t let this happen to you again. IF YOU CAN NOT AFFORD IT, OR ARE NOT SURE YOU CAN AFFORD IT, DON’T BUY IT!!!!!!!!!!

I read your post in detail, and although I am not an attorney, and was a bit confused with some of the legalities with regard to the MERS system, I do have a couple of questions:

1. If the MERS system is corrupt and/or illegal, why haven’t any of the secondary market investors sued the bank’s that set up the system for Fraud or Misrepresentation.

2. With regard to your point about loose underwriting guidelines allowing buyers to qualify for homes that they should never have purchased, the question is…..why in the world would someone sign a recorded note and deed of trust if they did not understand the terms??? Remember, this is the largest financial decision most people make in their lifetime.

3. If the MERS system is illegal, than wouldn’t Congress and the Foreign Banks that purchased these unprofitable notes under “false pretenses” be suing the banks that sold it to them rather than writing off billions of dollars in “bad” debt??

Again, your post is interesting, but I fail to connect the dots, and wonder why there is not any outrage and/or lawsuits from the buyers of the notes?

you stated it so eloquently – the exact problem some of us are facing… now for those people who keep stating it is only the borrowers responsibility and they should have gotten a 2nd opinion theory…. there were contracts with deadlines, $deposits in escros to lose and that 2nd or 3rd opinion might have been as corrupt if not more than the first person you trusted with their expertise & professionalism to guide you through this process.

I for one remember getting hundreds of pages at closing and could barely understand some of the ‘lingo’ when asked I trusted what the title person & broker where saying – ( i mean shouldn’t they know, they do this for a living as their profession)-

to: JRB you posted on Jun 19th, 2008 at 5:20 pm
the analogy you used was perfect !
Some borrowers I will accept were just as corrupt (but some of those borrowers were realtors, brokers, appraisers, a/e’s purchasing 2nd homes etc to flip)

for the rest of the borrowers that are truly going through hardship and were mislead, and did experience predatory lending – you are not alone ! we need to fight for what is right.

A couple of questions:

1) How is it that you compare “crack” (illegal) distribution to mortgage sales (legal)? In our society, people have CHOICES and OPTIONS. If they make poor business decisions, who is to blame?

2) Just because qualifying for a loan was “easy”, does that mean that someone should apply for one?

3) Is there some “law” in America that REQUIRES people to purchase a home?

WAKE UP AND SMELL THE COFFEE!!!! When you are making the largest financial decision in your life, you better research it prior to signing a BINDING note and DEED OF TRUST! I am saddened by the irresponsibility of consumers in our society. No one was complaining about the terms of their loan when home prices were rising, however, now that they are falling, everyone is crying “foul” and blaming others for their poor decisions. Unfortunately people often follow their government and parents when making decisions…..that is why we are now a DEBTOR country and society. It is really depressing that we are soon going to be a socialistic society primarily due to lack of personal responsibility…..it is just very depressing that the person who pays their bills on time is going to have to BAIL OUT those that made irresponsible decisions. My advice: short the stock market, and sell your house NOW!

1. Is it a requirement that people in the United States purchase a home?

2. If one decides to purchase a home, would it not make sense to read the documents in detail (especially the documents that are notarized and recorded) to ensure that they understand the type of loan they were applying for?

3. Why do you think banks specifically require a buyer sign documents in front of a notary and then record the signed note and deed of trust (or mortgage contract)?

4. There are basically 3 types of loans:
a) a fixed rate note…..the payments are fixed for the
determined period of the note (30/20/10 yrs.) SIMPLE.

b) a “hybrid” adjustable loan that has a fixed payment
for a specified time period (i.e. 2,5,7, or 10 years’)
These loans will then adjust to a SPECIFIC Index with
SPECIFIC margin (spread) over the index, and then
adjust periodically thereafter (i.e. every 6 mo/12mo)
These loans also have a LIFETIME CAP which is
SPECIFIED in the note. These loans may have an inter-
est-only option as well, whereby the buyer pays NO
PRINCIPAL until the loan resets. A LITTLE MORE COMPLI-
CATED.

c) The Option ARM Adjustable Mortgage that has a fixed
PAYMENT (NOT A FIXED INTEREST RATE) that adjusts on
a monthly basis. The underlying rate changes monthly
based on a SPECIFIC INDEX, and a SET MARGIN. Each
year the buyer’s MINIMUM PAYMENT generally will in-
crease by 7.5%. The underlying ACTUAL payment still
adjusts monthly, and there is also a SPECIFIED Life-
time CAP on the note. If the buyer consistently pays
the MINIMUM payment, there will be deferred interest
that is added on to the principal at the end of the
year. These loans also have a maximum amount of
deferred interest that is allowed over the initial
loan amount (usually loan can not go above 10% its
original balance). MORE COMPLICATED.

Now that we know what the 3 types of loans are, why in the world would someone not get a 2nd, 3rd or even 4th outside opinion prior to accepting terms on the largest financial decision they will make in their life?

5. Why wasn’t anyone complaining about the terms of their loans a couple of years’ ago when property values were booming?

If someone can answer these questions with a coherent concise answer, I would like to hear it??? Maybe, I am one of the only people in this society that believe in personal responsibility. Sure, there are times when people lose their jobs, and there are other extenuating circumstances, however those instances are generally rare.

Let’s look at the REAL issue. Just because someone is trying to “sell” you something, does not mean you have to “buy” it. That is why we have a free society (for now). It rewards people for making intelligent financial decisions, and it punishes people for making unwise decisions. (take a look at the number of foreclosures, bank failures/stock declines, investment blow ups to see who made POOR BUSINESS DECISIONS). As far as the first line of defense in ANY business decision…..LOOK IN THE MIRROR!!!!!

The idiots (you know who you are) deserve what they get. Those who had nothing to do with it that are losing thier homes, jobs, possibly even families, over this crisis is F-ING RIDICULOUS!!

Would you defend the person who makes 10,000 pounds of crack and then distributes it to all of his “sales force” to sell? What defense would you use? The “Well, if people wouldn’t buy it, there would be no problem” attitude? The problem is PEOPLE WILL BUY IT!! And now we have a nation, and world, being financially blown up by the very people who brought the match to light the fuse.

Can you determine what the actual property address is?

If the foreclosure never went through, (still in litigation)then why is there no residential property listed in his name?

Who is the listed owner of record now? And since horrendous
back taxes on the three commerical properties (that may
or may not be the same Richard Davet??????) I am curious
if the taxes are being paid on the residence?

If the mortgage in question was in 1995 and the foreclosure
started 1996, how many payments did he make, if any? If he
did make payments, is this not his acknowledgement of the
debt owing? Does the recorded mortgage mean nothing if the original note is lost?

Why do so many believe that if he gets out of paying his
mortgage he is some kind of hero vs. the thug that knocks
over the 7-11?

Perhaps someone else would care to look at the sites and see
if you can determine a sequence of events. I also could not
help noticing many tax liens filed and one of the deeds to
one of the commercial properties was a quit claim from a
Peter Davet to a Richard Davet and this possibly Ries Flooring.

Was the Richard Davet in question in business for himself and
was a business failure his undoing?

Maybe folks should nose around these public sites and then form their opinion as to a Richard Davet’s intentions.